South Korea's Kookmin Bank about to roll out custody service for cryptocurrencies

Posted 11 June, 2019

South Korea's top-4 bank – Kookmin Bank – is reportedly about to put into operation its own solution for cryptocurrency safekeeping. 

According to the local media reports, the new service is said to be a joint product of Kookmin Bank and Aromrigs Lab. The latter in its turn supplies solutions for digital asset security via next-generation cryptography. The companies will get down to the technology for the protection of crypto assets and possible implementation of smart contracts. Moreover, it was also noted that they will consider ways for business development and expansion in this sector.

The reports read that the new asset management instrument will a joint project which will combine technologies provided by Aromrigs Lab and Kookmin Bank's infrastructure. 

In the long run, the companies intend to develop a system that will be ablet o unite blockchain and traditional financial areas. 

As bank's spokesperson commented, Kookmin Bank is looking forward to further cooperation with the developer striving to expand the digital ecosystem and develop more innovative services for asset management. The market expert added that the infrastructure for cryptocurrency custody developed by country's leading is definitely a good sign for the sector.

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